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DUBLIN--(BUSINESS WIRE)--Sep 27, 2022--
The "OTC Probiotics Supplement Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global OTC probiotic supplements market is expected to grow at a CAGR of 13.79% over the forecast period to reach a total market size of US$23.367 billion by 2027, increasing from US$9.462 billion in 2020.
OTC probiotic supplements include all types of supplements available in various distribution channels and are often called non-prescription probiotic supplements. The increasing popularity of probiotic supplements, coupled with rising health awareness, is expected to drive the market's growth during the forecast period. In addition, the expanding scope of probiotics application is anticipated to boost the demand in the coming years.
Furthermore, there is a favourable outlook of people toward medical nutrition in developed countries like the United States and Germany on account of the growing prevalence of digestive diseases and problems. Rising health awareness has resulted in the increasing expenditure on probiotic supplements, and factors such as changing lifestyle and eating habits have further increased the consumption of high-sodium-based foods which is contributing to the high prevalence of gastrointestinal disorders. All such factors are expected to boost the demand for probiotic supplements over the forecast period. However, the availability of substitutes remains a major challenge to the widespread adoption of pharmaceutical probiotic products.
The growing scope of application is widening the growth opportunities for manufacturers and vendors
Currently, the application of probiotics is limited to a few health problems. However, with the growing research and development activities, the scope of probiotics application is expected to expand during the forecast period. Also, in the coming years, the OTC pharmaceuticals probiotics may replace other pharmaceutical agents. With rising consumer awareness about health benefits, the market is expected to witness exponential growth. Furthermore, growing product launches of advanced and new flavoured probiotic products coupled with the growing popularity of OTC pharmaceutical probiotic products are further expected to widen the scope of growth opportunities for manufacturers and vendors.
The availability of substitutes is expected to restrain the growth of the market
Probiotics supplements are widely used to treat bowel problems such as diarrhoea and irritable bowel, among other forms of infections. All such problems and issues are also resolved through alternative ways such as herbal remedies. The availability of substitutes leads to consumers quickly switching to an alternative, even if there is a fractional price change. Also, due to this, the industry has become more competitive because consumers can choose to purchase substitutes like digestive remedies instead of OTC pharmaceutical probiotics. The growing popularity of OTC pharmaceutical probiotics alternatives such as healthier drinks like kombucha tea that contain probiotics that can help gut flora is further expected to restrain the market's growth over the forecast period.
Segmentation:
By Form
By Ingredients
By Distribution Channel
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global OTC probiotics supplement Market Analysis, By Form
6. Global OTC probiotics supplement Market Analysis, By Ingredients
7. Global OTC probiotics supplement Market Analysis, By Distribution Channel
8. Global OTC probiotics supplement Analysis, by Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/9bdiq4
View source version on businesswire.com:https://www.businesswire.com/news/home/20220927005804/en/
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KEYWORD:
INDUSTRY KEYWORD: VITAMINS/SUPPLEMENTS HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/27/2022 09:25 AM/DISC: 09/27/2022 09:26 AM
http://www.businesswire.com/news/home/20220927005804/en